South Korea Wind Sector Is Booming With 1,886 MW Offshore Projects

• South Korea's offshore wind sector is set to boom in 2024, with the Ministry of Trade, Industry and Energy (MTIE) securing 1,886 MW across four fixed-bottom and one floating wind project. 

• The 532 MW Anma Offshore Wind, the 500 MW Taean project by Vena Energy, the 104 MW Yeonggang Yaol project by Diahan Green Power, and Equinor's 750 MW Firefly/Bandibuli floating wind farm.

• A 2.8 GW wind and solar tender was launched, while auctions are expected in 2025.

• South Korea aims to increase its capacity to 17,679 MW by 2030

South Korea Wind Energy, Photo: pexels.com

The year 2024 ends with another offshore wind boom, with South Korea’s Ministry of Trade, Industry and Energy (MOTIE) securing a total of 1,886 MW of capacity for four fixed-bottom offshore wind projects and one floating wind project. The awarded projects include the 532 MW Anma Offshore Wind (both phases), the 500 MW Taean Project (Vena Energy), the 104 MW Yonggwang Yaol Project (Daehan Green Power), and the 750 MW Firefly/Bandibuli Floating Wind Farm (Equinor). 

In October, MOTIE launched a tender for 2.8 GW of wind and solar capacity, with 1.5 GW dedicated specifically to offshore wind. 1,8886 MW offshore Wind capacity has been added to South Korea

Originally the renewable energy center of the Korea Energy Agency has issued a tender invitation bid for the 1 GHz stable-low offshore air project and 500 MW floating air project. There were four selections of seven submitted bids, while only one bid was obtained for floating Wind.

The tender, which was launched in August this year, combined with the competitive bidding roadmap, which was launched in August this year, is expected in the first half of the next auction of 2025.

According to the developer, the 532 MW offshore air project, located in Yongwang-song, Gelenam-Du, is expected to produce clean power of 1,400 GHz hours annually, the developer said.

The 500 MW offshore air farm developed by Vena Energy will be located about 30 km away from the coast of Tayan in southern Chungcheng province. Construction will begin at the end of 2029 with the end of 2029.

Equiner's 750 MW Firefly/Bandibuli floating offshore air project, located on the coast of Ulsan, is part of about 6 GHz floating air cluster. Firefly/Bandibuli is the largest project to secure an offset deal so far.

South Korea Wind Power Capacity

South Korea's wind power capacity is 1,809 MW, including 115 wind farms with 779 wind turbines.  the country's government plans to increase wind power capacity to 17,679 MW by 2030 and 24,874 MW by 2034.

South Korea Wind Power Technological Advantages

The rapid growth of wind power in South Korea has enabled the country to overcome many challenges and make significant progress in the use of wind energy, with a strong emphasis on technological advancements, research and development, and the country’s foray into offshore wind farms has not only allowed the use of untapped wind resources but has also addressed concerns regarding land scarcity and visual impact, having the vast coastline and strong offshore wind resources.

A significant technological advantage is the use of powerful turbines capable of generating large amounts of electricity, making them suitable for widespread deployment. Another notable innovation is the use of forecasting and control systems, that predict wind patterns and optimize turbine performance by adjusting settings accordingly. This not only increases the efficiency of turbines but also reduces maintenance costs and extends their lifespan.

In conclusion,, the technological breakthroughs in the wind power sector are playing a key role in shaping South Korea's future in renewable energy, helping the country move closer to its ambitious goals and solidifying its position as a global leader in sustainable energy.